Pattonair prices; new Friday names busy; Ruby Tuesday jumps on buyout; hospitals steady

By Paul Deckelman and Paul A. Harris

New York, Oct 16 – High-yield primary market activity lessened on Monday, syndicate sources said, as a sole new U.S. dollar-denominated and fully junk-rated issue worth $280 million priced – versus Friday’s busier schedule, which saw some $1.53 billion of such paper get done by a trio of domestic or industrialized-country borrowers.

Britain-based aircraft industry supply chain provider Pattonair did an issue of five-year secured paper.

Traders did not immediately report significant aftermarket dealings.

However, they saw considerable activity in the new deals that came to market on Friday – UPC Holding BV’s 10.25-year notes, Vine Oil & Gas LP’s 5.5-year paper and Catalent Pharma Solutions, Inc.’s issue of 8.25-year bonds.

There was also significant trading in recent new issues from West Corp. and Beacon Roofing Supply, Inc.

Away from the new issues, Ruby Tuesday, Inc.’s bonds firmed smartly on the news that the restaurant chain operator is to be bought out by a private-equity company.

And traders saw hospital names such as Community Health Systems Inc. and Tenet Healthcare Corp. steady, after being knocked around in Friday’s dealings amid news of planned changes in the Affordable Care Act.

Statistical market performance measures were mixed for a second consecutive session on Monday. They had turned mixed on Friday after having been lower across the board on Thursday.ving been lower across the board on Thursday.

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